WASHINGTON – There are many differences between the two leading Republicans running for retiring Sen. Tina Smith’s seat who are grappling for their party’s endorsement at the GOP state party convention on Friday.
A look at their personal finances shows vast differences between former sportscaster Michele Tafoya and former Navy SEAL Adam Schwarze.
Tafoya, who is married to Mark Vandersall, a private wealth advisor, reported that she and her husband’s assets were valued at between about $17 million and a little more than $33 million.
The couple’s assets, which do not include the value of a personal residence, included mutual funds — many of them invested in aggressive growth stocks — exchange traded funds (ETFs), cryptocurrency and individual stocks that favored the tech sector, including Nvidia, Alphabet (Google), Apple and Tesla.
Related: Michele Tafoya has the support of the national party to become GOP Senate nominee, but winning over state activists could be a challenge
Tafoya’s financial disclosure report also shows that her husband invested between $5,000 and $50,000 in the U.S. Oil Fund, a mutual fund based on West Texas crude futures that has boomed since the start of the war in Iran and the subsequent disruption of global petroleum shipments.
Candidates for the U.S. Senate are required to report income, assets and liabilities, but they do so in wide ranges so only a broad view of their financial disclosures are made public.
Tafoya’s report only listed one liability: a 4% interest loan from RiverSource Life Insurance Company valued at between $250,000 and $500,000.
Meanwhile, Schwarze’s financial disclosure report listed absolutely no income, assets or liabilities.
Having served in the Navy for 21 years, the candidate’s campaign said Schwarze’s sole income is a military pension, which was not disclosed. The campaign also said Schwarze does not own a home but rather as a much-deployed military member has rented his residences.
Other Republicans running for the U.S. Senate, including former Navy submariner Tom Weiler and former NBA player Royce White, did not file personal financial disclosure reports.
White did not return calls seeking information about his filing. Weiler said he had spoken with the Senate Committee on Ethics about his filing last week and informed the committee he is in the process of completing the document.
“They were comfortable with that,” Weiler said.
Federal law requires candidates to file financial disclosure reports no later than 30 days after becoming a candidate for nomination or election to the U.S. House or U.S. Senate or by May 15 of that calendar year, whichever is latest.
Incumbents must also file annual financial disclosure reports by May 15 every year. But those reports are held for a month before being made public.
Americans have soured on both GOP, Dems
A Washington Post-ABC News-Ipsos poll released this week confirmed what many people already knew – Americans don’t like either political party.
In answers to open-ended questions, Americans offered wide-ranging complaints about the Democratic Party. The two most common criticized the party as too liberal in general or on a range of issues (12%) or said Democrats were weak and don’t stand up enough to President Donald Trump (10%).
Other respondents said the Democratic Party was corrupt and favored corporations or was too lax on immigration, among other complaints.
Related: GOP is underdog in Minn. senate race, but here’s who’s trying to flip seat
The GOP did not fare any better. Twelve percent of the respondents specifically cited Trump or loyalty to Trump when asked what they dislike most about the Republican Party, though 4% criticized the party for not supporting Trump enough.
Others cited “dishonesty, hypocrisy and immorality,” including a lack of transparency over information about disgraced financier Jeffrey Epstein, for their dislike of the GOP. Lack of concern for ordinary people and “cruelty” was also at the top of the list.
“The scattered criticisms of both parties in the poll suggests there’s no silver bullet to rebuilding their popularity,” the pollsters concluded.
The poll was conducted online April 24-28 among 1,267 U.S. adults nationwide and had a margin of error of plus or minus 2.8 percentage points. The sample was weighed to match population demographics, 2024 turnout/vote choice and political partisanship.
In other news:
▪️ Greater Minnesota reporter Brian Arola wrote about a new initiative that will be placed on the ballot this year. It would allow voters to decide if more money can be tapped for local schools from a fund established by a land grant from the federal government in 1858.
▪️ State government reporter Matthew Blake had a story about legal challenges to the Legislature’s massive 2024 omnibus bill. The ruling? The legislation can stand, but not its ban on binary triggers.
▪️ Metro reporter Trevor Mitchell writes that Minneapolis Police Chief Brian O’Hara’s resignation under an ethical cloud is yet another setback for a city where challenges with law enforcement have been many and progress has come in fits and starts.
▪️ Rep. Angie Craig broke DFL rules in deciding to skip the party’s convention this weekend, ceding the endorsement to Lt. Gov. Peggy Flanagan in the race for U.S. Senate. Craig is putting her failure to win support from party activists behind her, hoping to appeal to a broader audience of voters who may be more open to the lawmaker’s moderate stance.
Please keep your comments, and any questions, coming. I’ll try my best to respond. Please contact me at aradelat@minnpost.com.
